Probably a stupid question but...savings account whilst bankrupt?

AdvicePlease

I am celebrating (??!!) day 7 of being bankrupt today, and this morning I received a letter from the Co-Op Bank saying they were withdrawing the banking facilities offered with my savings account. It had a NIL balance anyway, and only a cash card (which I didnt want) - the idea was that once I have had my OR interview I would put away my monthly money towards things like car tax, MOT etc until it was needed?

I know (obviously) I am rubbish with money, so I thought this would be a good idea - am I not allowed a savings account whilst bankrupt? And if so, has anyone got any good suggestions for how to 'put aside' that money each month (other than drawing out cash and hiding it under the mattress!) so I am not tempted to use it for other purposes?

I want to say I can learn to be responsible and can change my ways, but I am scared that I wont succeed

curly04

try yorkshire building socity on line they do one

SteveABC

This is a difficult one.

I too wanted to save - not for holidays etc, but, as you say, to put aside the money allowed for car tax, MOT, insurance etc.

I have only just been able to open a savings account for this - post discharge.

It was a case of "under the mattress", I'm afraid, until I was discharged.

However, if you don't care about gaining interest, you could simply try to open another current account with a BR friendly bank. Run one as your normal account and the other as a savings account.

AdvicePlease

So it is OK for me to have one? I thought Co-Op would let me keep it since I have a CashMinder account with them

AdvicePlease

SteveABC wrote: »

This is a difficult one.

I too wanted to save - not for holidays etc, but, as you say, to put aside the money allowed for car tax, MOT, insurance etc.

I have only just been able to open a savings account for this - post discharge.

It was a case of "under the mattress", I'm afraid, until I was discharged.

However, if you don't care about gaining interest, you could simply try to open another current account with a BR friendly bank. Run one as your normal account and the other as a savings account.

What a total idiot I am, I never even thought of doing that!

Thanks so much Steve, I will wait until after my OR interview when things have all be finalised then will open another CashMinder account for savings

sundays

try someone like the britania or a credit union, i got two .

nuttyp

We managed to open up an ISA with an opening balance of £1. It was easy to set up and i can transfer cash between my current and my savings account.

JimmyTheWig

AdvicePlease wrote: »

has anyone got any good suggestions for how to 'put aside' that money each month (other than drawing out cash and hiding it under the mattress!) so I am not tempted to use it for other purposes?

Have you got a close friend or family member you could give it to to look after?
You'd need to trust them to (a) not run off with your money and (b) maybe be strict with you if you wanted the money for something not on your list.

Polly_Wolly_Doodle

You can also have more than one Cashminder, so you can have 'pots' set up for you non-monthly expenses.

tigerfeet2006

Yep! You can definatly have a couple of Cashminders and an ISA.

I would highly recommend opening a Credit Union account if you can. Google Credit Union and your town/county to find your nearest one.